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Fujitsu inks Q1 operating profit for first time since 2010
06
Aug '14
For the first time since fiscal year 2010, IT major and Japan based Fujitsu has reported first quarter operating profits due to ongoing solid performance and the growing impact of streamlining resulting from structural reforms.

Fujitsu posted a profit for the first quarter of 6.8 billion yen (US$67 million), representing an improvement of 16.0 billion yen compared to the loss posted in the first quarter of fiscal 2013.

Consolidated revenue for the first quarter of fiscal 2014 at Fujitsu amounted to 1,068.6 billion yen (US$10,580 million), an increase of 6.9% from the first quarter of fiscal 2013. Revenue in Japan increased 8.1%, while outside of Japan, revenue rose 5.3%, but was essentially unchanged on a constant-currency basis.

Gross profit was 280.9 billion yen, an increase of 21.0 billion yen from the first quarter of fiscal 2013. The gross profit margin was 26.3%, an increase of 0.3 of a percentage point from the first quarter of the previous fiscal year as a result of improved profitability.

Selling, general and administrative expenses were 274.4 billion yen, essentially unchanged from the first quarter of fiscal 2013. Other income (expenses) was 0.8 billion yen, a decline of 1.6 billion yen from the first quarter of fiscal 2013.

This was attributable to the one-time posting of profit associated with a partial buyout of the retirement benefit plan of a European subsidiary, and other factors, in the first quarter of the previous fiscal year.

Fujitsu recorded an operating profit of 7.2 billion yen (US$71 million), an improvement of 18.0 billion yen from the previous fiscal year's first quarter. In addition to the positive impact from higher revenue, results benefited from structural reforms implemented last fiscal year.

Profit before income taxes amounted to 10.4 billion yen. This was on account of the addition of income from investments accounted for using the equity method, net to operating profit, and other factors.

President Masami Yamamoto said, "I am delighted to report to our shareholders and investors, that for the first time since fiscal 2010, we have achieved operating profit in a first quarter. This is on account of improved profits in line with recovery to ICT investments in Japan, as well as being able to enjoy the benefits of structural reforms”.

He added, “Together with steadily expanding our footprint in ICT domains, both in and outside of Japan, we are striving to achieve our fiscal 2014 operating profit and net profit goals, and to meeting our medium-term objectives."

Fibre2fashion News Desk - India

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